Growth in the advanced visualization market can be attributed to factors such as technological advancements in the field of AV software, integration of AV software into PACS, improved diagnostic interpretation with AV tools, and development of novel AV solutions.[182 Pages Report] The global advanced visualization market is expected to reach USD 3.19 billion by 2021 from USD 1.89 billion in 2016, at a CAGR of 11.0%.
Advanced Visualization Market by Products (Hardware, Software), Services, Solution (Standalone, Enterprise), Imaging Modality (MRI, CT, PET, Ultrasound, Radiotherapy), Clinical Application (Radiology, Orthopedics, Cardiac, Neurology) – Forecasts to 2021
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Key Market Players
Some of the prominent players in the advanced visualization market includes General Electric Company (US), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), and Terarecon, Inc. (US). Other players include Fujifilm Holdings Ltd. (Japan), Agfa HealthCare NV (Belgium), Carestream Health, Inc. (US), Qi Imaging (US), and Visage Imaging, Inc. (US).
GE Healthcare (U.K.) held the leading position in the global advanced visualization market. The company has a strong portfolio of advanced visualization products and advanced visualization enterprise-based solutions for cardiology, neurology, oncology, vascular, and interventional. The company has a strong geographic presence in more than 175 countries across the globe, with key markets in the North America, Europe, Asia, Australia, and South America. It primarily focuses on product developments and product launches to strengthen its market position. The GE Health Cloud is among the major advancements in advanced visualization technology. GE also provided USD 7 million Series A financing to Arterys (U.S.) for the development of cloud-enabled technology for advanced visualization. The market has witnessed acquisitions by GE Healthcare in the last three years, such as the acquisition of Finnamore (U.K), a health and social care consultancy firm, aimed to gain consultancy business (2014). Furthermore, the company aims on developing technologically advanced visualization solutions with zero footprints.
North America is expected to account for the largest share of the advanced visualization market during the forecast period
The report covers the advanced visualization market across four key geographies, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global advanced visualization market in 2016. Commercialization of advanced diagnostic products, robust R&D infrastructure across the U.S. & Canada, and high prevalence of target diseases are the factors that drive the demand growth of advanced visualization products in the region. The Asia Pacific region is expected to grow at the highest CAGR due to the rapid expansion of healthcare infrastructure in the region, increasing public awareness related to benefits of advanced diagnostic techniques in effective disease management, and rising market penetration of advanced diagnostic technologies.
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- In 2016, TeraRecon, Inc. launched Enterprise Imaging 8.1 and iNtuition In 2016, Vital Images, Inc. launched the application neutral architecture (ANA) platform
- In 2016, Vital Images Inc. entered into a partnership with Nuance Communications Inc. (U.S.) for the integration of Nuance’s PowerScribe 360 Reporting solution with Vital’s Vitrea CT lung Analysis application
- In 2015, GE Healthcare entered into a partnership with U.S.-based Arterys Inc. (provider of cloud based platform for medical imaging) to launch a transformative cardiac medical imaging platform
- In 2014, Vital Images, Inc. expansion of its AV business operations by accelerating the adoption of its Vitrea enterprise solution in Europe, the Middle East, and Africa (EMEA).